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London's yuan push stirs hopes of Eurodollar-style boom

A Bank of England pledge to help London become a global trading centre for China's yuan has stirred talk of a revival in the city's fortunes, similar to the explosion of the U.S. dollar market in the 1960s and 70s.
In what many bankers saw as a pivotal move, the British central bank said last month it was ready "in principle" to adopt a currency swap line with the People's Bank of China, providing a two-way pipe to the City as the still-unconvertible yuan starts to emerge as a world reserve currency.
Britain would become the first major developed economy to install a currency swap line with China, replicating existing ... (full story)